Are you up to date with all the new benefits and changes to tax credits?Welcome to the Winter 2018 edition of our newsletter. In this issue we also look at ACC Cover Plus extra, New benefits and changes to Tax Credits, Insulating Rental properties for Landlords, Property sales and training events we have happening in the next few months. Kind regards, The Ezebiz team ACC Cover Plus ExtraACC have made changes around Cover Plus Extra policies and how they administer them. Due to these changes, the start date for Cover Plus Extra policies is now the date that ACC receives the signed Policy Acceptance Form, rather than the date that you apply. So make sure you get those signed forms back to them as soon as possible.
The other change they have made is around continuing your Cover Plus Extra policy. If your invoice is not paid by the due date or you haven’t set up a payment plan with ACC before the due date, your policy will be cancelled by them and you will revert to a normal Cover Plus ACC policy.
Do you know want to know what the difference is between a normal Cover Plus ACC policy and a Cover Plus Extra policy? Check out our latest blog which explains how Cover Plus Extra works. New Benefits and Changes to Tax CreditsBest Start - From the 1st July 2018, the new Best Start payments begin. This is a $60 per week payment per child that will go to parents for babies born on or after 1st July 2018 which families will receive until the baby turns one. Household that earn less than $79,000 per year will continue to receive the payment until baby turns three years old. Paid Parental Leave - This is being extended from 18 weeks to 22 weeks from 1st July. To find out what this means to you and your business, check out this link Independent Earner Tax Credit -Originally this tax credit was to be abolished but it is now still available. If you earn between $24,000 and $48,000; do not receive an income tested benefit from WINZ; do not receive superannuation and neither you nor your partner receive Working For Families Tax Credits, you could qualify for this tax credit. To find out more, give us a call, or find out more: Winter Energy Payments - These are due to be introduced from July to September to help older New Zealanders and low income families heat their homes over winter. This is an automatic payment through WINZ for those who qualify, however you can opt out of this indefinitely if you wish. WINZ have more information about this and the rates on their website: Changes to Working For Families Tax Credits - These are being simplified so that there are only two rates now and income limits have increased from 1st July 2018 to 31st March 2019 A summary of these changes and be found at the bottom of the page on this website: Insulating RentalsInsulation of rental properties is going to be compulsory from 1st July 2019. Landlords who fail to comply could be liable for penalties of up to $4,000. As a landlord, you could be eligible for assistance in paying for this via your local council. If you have rental property that will need insulation, go to the following website for more info: Bright Line Test on Property SalesFrom 29th March 2018, if you entered into an agreement to sell your property within five years, you will need to consider if any capital gain on the sale is taxable under the bright-line test. Previously (from 1st October 2015 through to 28th March 2018), it was only two years. This does not apply to you if: · You sell your main family home · A property is transferred to you as part of an inheritance · A property is transferred to you as an executor/administrator of a deceased estate If you have any doubts, we suggest you contact us BEFORE you sign a sale and purchase agreement so that you know exactly where you stand and what your tax obligations are likely to be. Plenty MagazineDid you see our page in the latest Plenty Magazine? You can check out the magazine on line: Or if you would prefer to read a physical copy, give us a call. We’ve still got a few spares. We have a number of training sessions scheduled over the upcoming months. Theses sessions are a fantastic opportunity to increase your knowledge and ask questions from the experts.
Check out the links below for more details and book Xero TrainingTailored to the level of experience of the people attending, we can cover the basics or more advanced as needed.
Complimentary business reviewsIs it time for a business review? Taking time out to discuss what’s happening in your business will provide clarity of your future direction. |